Markets Update: Dubai stocks rose to a four-week high as banks and property firms made headway in early trading, buoyed by increases for emerging market stocks worldwide.
Dubai shares rise as investors pile into emerging markets
Dubai stocks rose to a four-week high as banks and real estate firms made headway in early trading, buoyed by increases for emerging market stocks worldwide.
The Dubai Financial Market General Index edged 0.2 per cent upwards to 1,614.84 - breaking the 20 per cent threshold required to enter a bull market on a year-to-date basis for the sixth time this year. The Dubai market measure has hovered around this level for much of the past few months but without sufficient momentum to make traction.
Meanwhile the Abu Dhabi Securities Exchange General Index slid 0.2 per cent to 2,669.74.
Global emerging market stocks rose as investors speculated that the US Congress was closing in on a deal to avert the world's largest economy plunging over the "fiscal cliff" on January 1.
The "fiscal cliff" is a mix of automatic tax increases and spending cuts that will take effect at the start of next year unless the US congress reaches a deal.
Asian markets made tempered gains, with the Nikkei 225 gaining 0.8 per cent to 9,545.16 and the Hang Seng Index flat at 22,355.89
Oil prices advanced, with Brent crude futures rising 16 cents to $110.39 per barrel.